I can tell you from experience you have to be very careful when you buy a condo either for yourself or for an investment.
There are lots of little tiny details which can potentially swing very big doors the wrong way. Condos and condo associations are beasts you may not want to get into the ring with.
Among the myriad of things you need to look out for is the neighborhood where the condo is located.
I know, this is elementary. Every savvy investor recognizes location is important.
But sometimes we don’t realize how important.
Here is a disturbing report out of [tag-ice]Miami[/tag-ice] from [tag-tec]Housing Panic[/tag-tec].
He’s been giving the lowdown on some of those new ultra-nice [tag-self]condos[/tag-self] everyone was raving about a few years ago. You know some of those luxurious high towers in newly renovated neighborhoods where you can soak of the energy of a happening city as well as the sunshine?
Well, some new owners are finding out otherwise.
Street people have been in the “new exclusive neighborhood” for years and they ain’t moving out- at least not any time soon.
Some residents have even reported their neighbors from the sidewalk have been bathing in the fancy fountains and decorative pools right out in front of everyone. Mercy.
So what’s the lesson here?
You can’t believe all the sales hype. You must do your own research. Get your systems in place where you can quickly gleam the absolute vital info you need. We can’t stress that enough.
This is very important before you fork over hundreds of thousands of dollars for a bad news investment you may have wished you hadn’t bought.